Click a video below to watch highlights from the April 28, 2008 TLR Press Conference about the positive impact of lawsuit reform in Texas.
Lawsuit Reform Huge Boost to Texas Economy
Economic study shows reforms have brought billions of dollars to state, created a half million jobs.
(AUSTIN, TX) April 28, 2008 – A new report by nationally recognized economist Ray Perryman shows lawsuit reforms enacted in Texas beginning in 1995 have resulted in $112.5 billion in annual spending in Texas, 499,000 new, permanent jobs and a $2.6 billion increase in state tax revenue giving Texas a resounding competitive advantage in these challenging economic times.
Read the full press release...
Perryman concludes that approximately 8.5% of Texas’ economic growth since 1995 is the result of lawsuit reforms. The economic gains attributable to these reforms include:
$112.5 billion increase in annual spending
$51.2 billion increase in annual output – goods and services produced in Texas
$2.6 billion increase in annual state tax revenue
$468.9 million in annual benefits from safer products
$15.2 billion in annual net benefits of enhanced innovation
499,000 permanent jobs
430,000 additional Texans have health insurance today as a result of the medical liability reforms
Download the Executive Summary of the report
Download the full report
Key Sections of the Executive Summary:
Statewide Map Regional Impacts of Lawsuit Reform: Economic Growth & Permanent Jobs
Chronology of Lawsuit Reforms in Texas
The Perryman Group notes that wide ranging lawsuit reforms passed in Texas, beginning in 1995, have markedly contributed to the economic competitiveness and job growth in the
state.
Texas Medical Liability Turnaround
Perhaps the most visible economic impact of lawsuit reforms are the benefits experienced by Texans who have better access to high-quality healthcare. Doctors and hospitals are using their liability insurance savings to expand services and initiate innovative programs; those savings have allowed Texas hospitals to expand charity care by 24%.
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